It is hard to believe another financial year is almost upon us, but we find ourselves preparing for the financial year ending 31 March 2015.
Earlier this month our clients had been sent our year end questionnaires please take time to read through these, complete them, and return them to us with your year end financial information.
Being organised saves you time and also reduces the time and cost associated with completing your annual financial accounts. If you have any questions feel free to call us.
Here are our hot tips to become organised and save money on accounting fees
Have a maximum of two business bank accounts
One should be a trading account with a cheque book and the other a savings account for taxation and other costs.
Use a computer program like BankLInk, MYOB or Xero
Without a computer program we have to manually write an income or expense code against every transaction, which is a big timewaster. It’s much easier to use the computer to enter these transactions into our accounting program.
Avoid giving us a mess to clean up
Some people look at their year-end financial records and think, ‘Wow, I’m so glad I don’t have to sort this out as it would take me hours’. They’re right – and our time could be better spent working with you to build your business. Simple strategies like making sure your GST and wages reconcile throughout the year and using our ‘Year-End Folders’ allows you to keep tidy records.
Keep ALL relevant records
Yes, it is important to keep your receipts – and the following too: bank statements in date order; loan statements; hire purchase statements; RWT certificates; credit card statements; new loan documents, and any other bits of important information.
Keep work and play separate
Apart from delivering clean records this is one of the easiest way to reduce your costs. Use your business account for business expenses and your personal account for personal expenses.
Sounds simple? Well it is. Our goal here at Legacy is to partner with you, guide and support you and most of all add value to your business and lifestyle.